May 26, 2020
As per the report titled ‘Global Managed Services Market Size study, by Service Type (Managed Security, Managed Network, Managed Data Center and IT Infrastructure, and Managed Communication and Collaboration), Deployment Type (Cloud, On-premises), Vertical (Telecom, Information Technology (IT), Banking, Financial Services and Insurance (BFSI), Consumer Goods and Retail, Manufacturing, Healthcare and Life Sciences, Education, Energy and Utilities, Media and Entertainment and Others)and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global managed services market share was worth USD 207 billion in 2019 and is expected to expand at a CAGR of 8.1% over 2020-2026.
Increasing burden of maintaining efficient technical operations among enterprises, rapid growth of IT &Telecom sector, and increasing digitalization of several sectors such healthcare, education, manufacturing are driving the growth of global managed services market.
Managed services comprise of certain processes and functions intended to improve operations and reduce expenses. These services are available in both short-term post go-live assistance to long-term application operation, and offer simplified IT operations, improved user satisfaction, and enhanced service quality, while reducing operational costs.
Managed services aid businesses to offload IT operations to third-party service providers, also known as managed service providers (MSPs), thereby allowing organizations to focus on their core operations. MSPs offer various services such as support and maintenance services, monitoring services, enterprise mobility management, network management, server management, database management, remediation services, application hosting, and many more. The abundance of managed services is positively impacting the market outlook.
Increasing integration of IoT technology that are connecting hardware devices, embedded software, and communication services with smart homes, smart transport and smart healthcare is expected to propel the industry growth over the future. Furthermore, rising automation in IT environments, paradigm shift towards cloud platform & services, and surging demand of managed services from the escalating number of small and medium-sized enterprises will continue to expand the business landscape in the ensuing years. However, lack of expertise and skilled professionals for operating advanced technologies such as cloud-based technology will hinder the industry growth over the forecast period.
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Considering the regional outlook, North America accounts for significant market share and is anticipated to show modest gains over the forecast timeline. Early adoption of the technology with recurring revenue model has favored the industry growth in the region. Easy accessibility and low prices of managed services due to the presence of major players in the region is another major factor contributing to the regional market growth.
Meanwhile, Asia Pacific managed services market is anticipated to record a high growth rate during the forecast years, primarily due to ongoing transformation towards digital technology across various sectors such as BFSI in the region.
Major players in global managed services market are IBM Corporation, Cisco Systems Inc., Fujitsu Ltd., Atos, Accenture, DXC Technology, Ericsson, AT&T Inc., Cognizant, TATA Consultancy Services Limited, and HCL Technologies.